Biden nominates Indian-American Ajay Banga to lead World Bank

United States President Joe Biden has nominated Indian-born American business executive Ajay Banga to become President World Bank praising him for his success in creating public-private alliances to address financial inclusion and climate change.

The World Bank on Wednesday stated that it planned to choose a new president by the start of May to succeed David Malpass, who announced his departure last week.

Banga’s nomination by the United States virtually guaranteed that he will take on a role overseeing billions of dollars in funding as the organization began a significant set of reforms to better address climate change and other urgent concerns facing developing countries.

In a statement, Biden defined Ajay as ideally suited to manage the World Bank at this pivotal time in history.

Biden while praising Ajay further added that in addition to leading organizations through periods of fundamental transformation, Ajay had spent more than three decades founding and managing profitable, worldwide businesses that brought investment to developing economies and generate jobs.